Zheng Quan Shi Bao·2026-01-23 14:35Core Viewpoint - Pop Mart, one of the "new consumption trio" in Hong Kong stocks, has seen a strong rebound this week, primarily due to its first share buyback in two years, boosting market confidence and attracting institutional investment [1][3]. Group 1: Stock Performance - As of January 23, Pop Mart's stock closed up 6.6%, with a weekly increase of approximately 23%, marking the largest weekly gain in nearly three years [2]. - In the past seven trading days, net buying from southbound funds reached nearly 1.7 billion HKD [3]. Group 2: Share Buyback - On January 19, Pop Mart announced a share buyback plan, investing 251 million HKD to repurchase 1.4 million shares at prices ranging from 177.7 HKD to 181.2 HKD per share, marking the company's first buyback since the beginning of 2024 [6]. - Following this announcement, the stock price surged, closing up about 9% on January 20, with an intraday peak increase exceeding 10% [7]. - On January 21, the company announced an additional buyback of 96.49 million HKD for 500,000 shares, with prices between 191.1 HKD and 194.9 HKD per share, bringing the total buyback amount to nearly 350 million HKD [7]. Group 3: Market Analysis - Analysts note that despite strong earnings, Pop Mart's stock has faced pressure due to broader market conditions, with a cumulative decline of about 30% since the second half of 2025, contrasting with a 245% to 250% year-on-year revenue growth reported in Q3 [8]. - Concerns about the sustainability of the IP heat and the macroeconomic environment have led to increased skepticism in the market [8]. Group 4: New Product Launches - On January 22, Pop Mart launched the Valentine's Day limited edition blind box series "Starry People" for 2026, which quickly sold out, with secondary market prices reaching 2-3 times the original price [10][11]. - The "PUCKY Knock Knock Series" blind box, dubbed "electronic wooden fish" by netizens, has also gained popularity, with secondary market prices showing a premium of up to 170% [11]. Group 5: Cross-Industry Collaborations - Pop Mart is leveraging its IP advantages for cross-industry collaborations, such as the release of the "Honor 500 Pro MOLLY 20th Anniversary Limited Edition" phone priced at 4,499 HKD, set to launch on January 25 [12]. - Additionally, Pop Mart's independent dessert brand, POP BAKERY, has entered Xiaohongshu, offering various products featuring its popular IPs [12].